Rihanna, Lady GaGa, Katy Perry, Adele, Kristen Stewart and Robert Pattinson also fill the rest of the spots on this year's list that focuses on Hollywood and entertainment.

Who is the young celebrity who brought in the most money during the past 12 months? According to Forbes' list of highest-paid celebrities under 30 years old, it was chart-topping singer Taylor Swift who takes the crown with Justin Bieber following at the runner-up place.

22-year-old Swift is estimated to have pocketed a whooping $57 million between May 2011 and May 2012. The country music cutie earns most of her money from album sales, ticket sales of her concerts, and endorsement deal with top brands such as CoverGirl.

Swift predicted to have sold at least 4 million copies of her every album and collected an average of $1 million per night from her concerts. Her new movie "The Lorax" which is a big success is also believed to have taken part in landing her the top spot on the yearly rundown.

This year's list is dominated by women, but Bieber manages to secure the second place. The Canadian teen idol falls short of ruling the list by bagging $55 million. In addition to his music sales, tour profits and endorsements, he also makes investments in such growing companies like Spotify.

Among the female artists making to the top 10, most of them are singers/songwriters. Rihanna sits at the third spot with $53 million, Lady GaGa is placed the fourth with $52 million, while Katy Perry and Adele are at the No. 5 and 6 with $45 million and $35 million respectively.

"We're seeing this confluence of talented young female stars. They have such distinct personalities and sounds, they can all co-exist without cannibalizing each other," Forbes' author Dorothy Pomerantz tells the New York Daily News.

As for the males, Bieber is joined by fellow musician Lil Wayne and actors Taylor Lautner and Robert Pattinson. Weezy occupies the eighth place with $27 million, while Lautner and Pattinson round up the list at No. 9 and 10 respectively.

Noticeably absent from the list are the athletes who "are at the height of their career when they're under 30, so they tend to earn a lot more." They are excluded because Forbes have "a lot of athlete lists" so they want to focus more on "Hollywood and entertainment."